noun. a narrow, elongated depression, groove, notch, slit, or aperture, especially a narrow opening for receiving or admitting something, as a coin or a letter. a place or position, as in a sequence or series: The program received a new time slot on the broadcasting schedule.

Usually, it involves people pooling their money to play high-limit slot machines. Players take turns to spin the reels, and because everybody contributed the same amount of money, whatever wins or losses are generated are shared equally among members of the group.